Owning a business can be a hugely rewarding venture. Trust me, I know. As the Managing Director of Wealth Smart, I’ve personally experienced that sense of unrivalled satisfaction after challenging myself and then watching my business grow because of my hard work.
But operating your own business can also be stressful and extremely difficult – it can sometimes be a struggle simply to stay afloat amid a highly competitive environment. I’m also familiar with that desire to do anything possible to make running a business easier for myself.
Like me, you would be aware of the risks you take when first starting and then running a business. You probably have an insurance policy in place to address those risks, which can include potential liabilities, fire, theft, employee coverage, and more.
But there’s another risk to your business that could possibly be more damaging than any other liability, something I was particularly concerned about when starting my business – the possible damage to my business if I were unable to work. Have you ever thought about what would happen to you, as a business owner, if you fell seriously ill or were badly injured? This is where Business Expenses Insurance helps.
Business Expenses Insurance covers overhead expenses in the event that the business owner becomes ill or disabled. Business Expenses Insurance, otherwise known as Business Overhead Expenses Insurance, can help to keep your company afloat while you, the boss, is out of action.
Companies or businesses that have a small number of employees can experience a drop in generated revenue if an owner is suddenly unable to tend to his or her company’s affairs. But though revenue may decrease, the overhead expenditures still remain the same.
A Business Expenses Insurance policy offers monthly reimbursements to business owners for any recurring overhead expenses while they are recovering. This cover usually lasts a maximum period of twelve months.
Renting your work space? Business Expenses Insurance can cover rent and utilities for your place of business and any additional taxes that may affect your business because of its location.
Other overhead expenses the policy may cover are:
You can even tailor a policy to suit your own needs. You can get added special benefits, such as the ability to work up to ten hours a week without reducing your monthly benefit or guaranteed payments if you suffer from any serious medical conditions.
The costs of Business Expenses Insurance vary greatly depending on a number of factors, including your age, gender, and the amount of cover you may need. But since the premiums for a Business Expenses Insurance policy are considered a business expense, they may become tax deductible, so ask your accountant.
Making Business Expenses Insurance tax-deductible means the overall cost of the premiums is reduced while your sense of security is increased knowing your business would be taken care of no matter what happens to you.
Business Overhead Expenses Insurance is a great way to silence one of the many concerns on your mind when you’re running your business. Knowing your business will be taken care of if you were to become ill or injured allows you to focus your attention on improving and growing your business.